Ramani Ayer, the recently retired chief executive officer of Hartford Financial Services Group Inc., is among the 12 most notable CEO departures of this year, according to Forbes magazine.
In June, Ayer, who had led the company for 12 years, announced that he would step down from his post by year’s end, said Forbes.com.
Ayer was responsible for the company’s push into riskier versions of variable annuities–life insurance contracts whose value fluctuates with that of underlying securities. In late March, the magazine said.
Moody’s Investors Services downgraded Hartford’s long-term senior debt to one level above junk status. In doing so, Moody’s cited the company’s exposure to these products.
The company later received $3.4 billion in government aid. In October, Hartford named Liam McGee, who ran consumer banking at Bank of America, as its new chief executive.
Forbes also noted the CEO departures of David Moffett from Freddie Mac; John Thain from Merrill Lynch; and Wyeth Co.’s Bernard Poussot, following its $68 billion merger with Pfizer, which has research and development operations on Groton and New London.
